Atal Pension Yojana -- APY Scheme :With the successful implementation of Pradhan Mantri Jan Dhan Yojana and embracing a enormous population to avail the banking advantages with opening a zero balance accounts with the continuation of Jan Dhan Yojana, a National Pension Scheme (NPS) that is called Atal Pension Yojana ("APY") was passed and affected from the Union Budget of 2015-16 by our honorable Finance Minister Mr Arun Jaitley.
Atal Pension Yojana is a retirement scheme mainly geared toward the unorganized sector such as maids, gardeners, delivery boys, etc.. This scheme replaced the prior Swavalamban Yojana which was not accepted well by the people.
The objective of the scheme is to make certain that no Indian citizen needs to be worried about any illness, accidents or diseases in older age, giving a feeling of security. Private sector employees or personnel working with this kind of organization that doesn't provide them pension benefit may also apply for the scheme. There's an option of having a fixed retirement of Rs 1000, Rs 2000, Rs 3000, Rs 4000, or Rs 5000 on reaching an age of 60. The pension will be determined based on the person's age and the contribution level. The contributor's spouse can claim the pension upon the contributor's death and upon the passing of the contributor and his partner, the nominee will be given the accumulated corpus. But if the contributor dies before completing 60 years old, the partner can also be given an option to exit the scheme and maintain the corpus or continue the strategy for the balance period. In accordance with the investment pattern laid down by the government of India, the accumulated amount under the scheme is to be handled by the Pension Funds Regulatory Authority of India ("PFRDA").
The Government would also produce a co-contribution of 50 percent of the whole contribution, or Rs. 1000 per annum, whichever is lower, to all qualified subscribers who had joined between June 2015 and December 2015 for a period of 5 years i.e., for fiscal years 2015-16 to 2019-20. The readers should not be a part of some other statutory social security schemes (For eg: Employee's provident fund), or shouldn't be paying income taxes, to be able to avail Government's co-contribution.
To avail benefits from the Atal Pension Yojana, you have to fulfil the below requirements:
3. The Way to Atal Pension Yojana -- APY Apply?
Follow the following steps to avail the benefits of APY
4. Monthly Contributions
The monthly contribution is contingent upon the quantity of pension you need to get upon retirement as well as the age where you start contributing. This table tells you how much you will need to contribute per annum according to your age and retirement program.
APY -- Monthly contribution
5. Important Facts to learn about APY
as you'll be making periodic contributions, the amounts will be debited automatically from your account. You will need to be certain that you have enough balance in your account prior to each debit.
You can raise your premium at your will. You just have to stop by your bank and speak with your supervisor and make the required changes.
In the event you default on your payments, a penalty will be levied. A penalty of Rs. 1 a month for a donation of each Rs. 100 or part thereof.
In the event you default on your payments for 6 weeks, your account will be suspended and if the default continues for 12 weeks, the account will be closed and the remaining amount will be paid to the subscriber.
Early withdrawal isn't entertained. Only in cases like death or terminal illness, the contributor, or his/her nominee will receive the whole amount back.
In case you shut the scheme before age 60 for any other reason, just your contribution and interest earned will be returned. You won't be eligible to get the government's co-contribution or the interest earned on that amount.
6. FAQs on APY
Q: Can I apply for APY online?
A: No, currently there are no provisions to use for APY online. You will need to visit your bank and fill out the forms.
Q: What are the documents required to apply for the APY Scheme?
Do you have some questions about tax or
Finance you need assistance with?
Talk to our CA
A: To apply for the APY scheme, you want to complete the form and also submit a photocopy of your Aadhar Card. No other files are required.
Q: How can I know if the pension scheme is triggered?
A: You will get an SMS alert in your registered mobile number, notifying you if the pension scheme is triggered.
Q: When is the last date to join the Atal Pension Yojana Scheme?
A: The Atal Pension Yojana Scheme doesn't have a last date to join. Submit your application before June 1st to join the strategy for the next year. The strategy is renewed on June 1st annually.
Q: What are the maximum and minimum age to join this scheme?
A: The minimum age is 18 years. The scheme is also open to school students. The maximum age is 40 years. This is because the minimum contribution period is 20 years. At age 60, you will begin receiving your pension.
Q: Is my money protected? Will the scheme be changed when the government changes?
A: The Atal Pension Yojana scheme is passed by the Parliament of India at the budget session. The scheme won't be discontinued if there's a change in the Government, along with your participation is secure. Any succeeding Governments has the right to only change the name of the retirement scheme.
Important Facts to learn about APY,FAQs on APY
1. IntroductionAtal Pension Yojana is a retirement scheme mainly geared toward the unorganized sector such as maids, gardeners, delivery boys, etc.. This scheme replaced the prior Swavalamban Yojana which was not accepted well by the people.
The objective of the scheme is to make certain that no Indian citizen needs to be worried about any illness, accidents or diseases in older age, giving a feeling of security. Private sector employees or personnel working with this kind of organization that doesn't provide them pension benefit may also apply for the scheme. There's an option of having a fixed retirement of Rs 1000, Rs 2000, Rs 3000, Rs 4000, or Rs 5000 on reaching an age of 60. The pension will be determined based on the person's age and the contribution level. The contributor's spouse can claim the pension upon the contributor's death and upon the passing of the contributor and his partner, the nominee will be given the accumulated corpus. But if the contributor dies before completing 60 years old, the partner can also be given an option to exit the scheme and maintain the corpus or continue the strategy for the balance period. In accordance with the investment pattern laid down by the government of India, the accumulated amount under the scheme is to be handled by the Pension Funds Regulatory Authority of India ("PFRDA").
The Government would also produce a co-contribution of 50 percent of the whole contribution, or Rs. 1000 per annum, whichever is lower, to all qualified subscribers who had joined between June 2015 and December 2015 for a period of 5 years i.e., for fiscal years 2015-16 to 2019-20. The readers should not be a part of some other statutory social security schemes (For eg: Employee's provident fund), or shouldn't be paying income taxes, to be able to avail Government's co-contribution.
- Eligibility
To avail benefits from the Atal Pension Yojana, you have to fulfil the below requirements:
- Must be a citizen of India.
- Has to be between age 18-40
- Should make donations for at least 20 years.
- Must have a bank account connected with your Aadhar
- Must have a valid mobile number
- Those that are availing benefits of Swavalamban Yojana will be automatically migrated to Atal Pension Yojana.
3. The Way to Atal Pension Yojana -- APY Apply?
Follow the following steps to avail the benefits of APY
- All nationalized banks supply the scheme. You can visit any one of these banks to begin your APY account.
- Atal Pension Yojana forms are available online and in the bank. You can download the form from the official site.
- The forms are available in English, Hindi, Bangla, Gujarati, Kannada, Marathi, Odia, Tamil, and Telugu.
- Fill up the application form and submit it to your lender.
- Provide a valid phone number, if you have not already supplied to the bank.
- Submit a photocopy of your Aadhaar card.
- You'll be sent a confirmation message once the program is approved.
4. Monthly Contributions
The monthly contribution is contingent upon the quantity of pension you need to get upon retirement as well as the age where you start contributing. This table tells you how much you will need to contribute per annum according to your age and retirement program.
APY -- Monthly contribution
5. Important Facts to learn about APY
as you'll be making periodic contributions, the amounts will be debited automatically from your account. You will need to be certain that you have enough balance in your account prior to each debit.
You can raise your premium at your will. You just have to stop by your bank and speak with your supervisor and make the required changes.
In the event you default on your payments, a penalty will be levied. A penalty of Rs. 1 a month for a donation of each Rs. 100 or part thereof.
In the event you default on your payments for 6 weeks, your account will be suspended and if the default continues for 12 weeks, the account will be closed and the remaining amount will be paid to the subscriber.
Early withdrawal isn't entertained. Only in cases like death or terminal illness, the contributor, or his/her nominee will receive the whole amount back.
In case you shut the scheme before age 60 for any other reason, just your contribution and interest earned will be returned. You won't be eligible to get the government's co-contribution or the interest earned on that amount.
6. FAQs on APY
Q: Can I apply for APY online?
A: No, currently there are no provisions to use for APY online. You will need to visit your bank and fill out the forms.
Q: What are the documents required to apply for the APY Scheme?
Do you have some questions about tax or
Finance you need assistance with?
Talk to our CA
A: To apply for the APY scheme, you want to complete the form and also submit a photocopy of your Aadhar Card. No other files are required.
Q: How can I know if the pension scheme is triggered?
A: You will get an SMS alert in your registered mobile number, notifying you if the pension scheme is triggered.
Q: When is the last date to join the Atal Pension Yojana Scheme?
A: The Atal Pension Yojana Scheme doesn't have a last date to join. Submit your application before June 1st to join the strategy for the next year. The strategy is renewed on June 1st annually.
Q: What are the maximum and minimum age to join this scheme?
A: The minimum age is 18 years. The scheme is also open to school students. The maximum age is 40 years. This is because the minimum contribution period is 20 years. At age 60, you will begin receiving your pension.
Q: Is my money protected? Will the scheme be changed when the government changes?
A: The Atal Pension Yojana scheme is passed by the Parliament of India at the budget session. The scheme won't be discontinued if there's a change in the Government, along with your participation is secure. Any succeeding Governments has the right to only change the name of the retirement scheme.
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